Which of the following are vertical?
A)Both the long-run Phillips curve and the long-run aggregate supply curve
B)Neither the long-run Phillips curve nor the long-run aggregate supply curve
C)The long-run Phillips curve, but not the long-run aggregate supply curve

Question

Quizplus · Accepted Answer

Both the long-run Phillips curve and the long-run aggregate supply curve are vertical. The long-run Phillips curve is vertical because it represents the idea that there is no trade-off between inflation and unemployment in the long run. The long-run aggregate supply curve is vertical because it represents the economy's potential output, independent of the price level.

Which of the Following Are Vertical